Tax glossary reflects global tax law changes.Recent international tax developments have created an evolution in tax terminology: New tax terms reflect recent changes in international tax law while existing terms have taken on fresh connotations or become obsolete. To keep up, the International Bureau of Fiscal Documentation (IBFD IBFD International Bureau of Fiscal Documentation ) issued the second edition of the International Tax Glossary. The revision, which includes over 400 new terms as well as amended entries, reflects recent trends in international tax practice and includes a multilingual list of terms in English, French, German and Spanish. The glossary defines both commonly used and arcane terms reflecting recently ratified international tax laws such as transfer pricing regulations and the North American Free Trade Agreement North American Free Trade Agreement (NAFTA), accord establishing a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. as well as terms used to reflect pending legislation such as the General Agreement on Tariffs and Trade General Agreement on Tariffs and Trade (GATT), former specialized agency of the United Nations. It was established in 1948 as an interim measure pending the creation of the International Trade Organization. . Terms such as cherry picking Cherry Picking 1. The act of investors choosing investments that have performed well within another portfolio in anticipation that the trend will continue. 2. Relating to bankruptcy proceedings whereby the courts uphold contracts favorable to bankrupt companies, but annul (selecting or funding only the successfully developed technologies), greenfields operation (launching a start-up operation) and openface Dutch sandwich (a term used to show the relationship between a Netherlands Antilles company that owns a Dutch company that owns a company in another country) appear alongside references to famous international tax cases such as the Gaston Schul case, in which a yacht imported from France into the Netherlands was subject to double imposition of the value-added tax value-added tax (VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level. . Copies of the International Tax Glossary are available for $55 by calling Tammy Keough of IBFD Publications USA, Inc., Kinderhook, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ; phone: (518) 758-2245; fax: (518) 758-2246. The IBFD welcomes comments from readers who believe there are important omissions. |
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